thank you for all the information. Are these loans available for people that already purchased a house? We had no idea about reno loans when we bought our house.
Hello, my wife and I have creatively invested in 4 properties now and our current FHA is in a single family house... but we're willing to downsize and move into a 203k rehab 4-plex if we can swing it with FHA underwriters. How often if ever, have you seen someone go 'upstream' I'll call it, and manage to go from a SFH FHA to a Multifamily FHA? (This assumes we will no longer have our current FHA loan because we will be refinancing out of that soon).
So, FHA loans are easy to use again and again.. The key is priving you truly are going to live in it. If you wanted to keep your current FHA loan and buy a 4 unit that way, It wont work. You have a shot if you can make a strong case. Maybe rent out current home and move in with famiky for a month or two. There are Conventional options now thst allow 5% down.
Both these loans depend on a lot of factors like the contractors or whether or not a HUD Consultant is needed. Truth is these typically are not fast loans and in most cases will take close to 60 days or sometimes longer.
thank you for all the information. Are these loans available for people that already purchased a house? We had no idea about reno loans when we bought our house.
Yes these are purchase or refinance renovation mortgages.
@@MortgageBusinessAcademy So I guess it wouldn't make sense nor could I do either as a current home owner sitting with a 2.8% interest rate correct?
Talking, conventional, can you merge the gift of equity with the home style conventional loan?
Yes- I believe you can do that. You can’t with the 203k
Do you have a list of items that would be considered luxury items besides a pulp
Let’s see if this helps at all- won’t let me attach
Hello, my wife and I have creatively invested in 4 properties now and our current FHA is in a single family house... but we're willing to downsize and move into a 203k rehab 4-plex if we can swing it with FHA underwriters. How often if ever, have you seen someone go 'upstream' I'll call it, and manage to go from a SFH FHA to a Multifamily FHA? (This assumes we will no longer have our current FHA loan because we will be refinancing out of that soon).
So, FHA loans are easy to use again and again.. The key is priving you truly are going to live in it. If you wanted to keep your current FHA loan and buy a 4 unit that way, It wont work. You have a shot if you can make a strong case. Maybe rent out current home and move in with famiky for a month or two. There are Conventional options now thst allow 5% down.
How fast can we close with either loan?
Both these loans depend on a lot of factors like the contractors or whether or not a HUD Consultant is needed. Truth is these typically are not fast loans and in most cases will take close to 60 days or sometimes longer.
@@MortgageBusinessAcademy - A big factor is the Loan Officer you use and the contractors you pick.
We have closed them in 21 days but it is more common for our lenders to close them in 28-35 days.